Ireland as a Global Financial Centre

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Please reassure me that the fiscal council is actually paying attention to what’s really going on.
You may be the best in the class but we’re still in the d-stream and the teachers won’t let us sit the leaving. F*** em.

@ MH
The FT article is rather curious in emphasising the tax play aspect. I suspect that the tax aspect is merely peripheral to the future need to have derivatives routed via a central clearing house i.e. regulatory change.

The indication that Irish Govt officials are /were concerned about the potential impact on the Irish taxpayer is laughable….Some FT agenda behind that!

Not good for such a large, core book to be leaving Dublin. Also, it is likely that other US FIs in Ireland will be looking at the rationale for this BoA move. If there is a big, positive tax benefit (as many have similar DTA profiles), expect others to follow. With so many tax losses out there, Ireland’s 12.5% tax rate has lost some advantage in the near-medium term. As eluded to before, retaining its tax advantage is no sure thing (de facto loss of advantage here).

Its not a lack of courage , there are TDs I suspect who would risk their lives for Ireland (For all I know some SFers may have literally done so.)

The problem is that faced with an unprecedented situation, we have no politicians who can think for themsleves. Psychologists use a phrase ‘originating meaning’ for the ability to act without copying or agreeing with those around you.

Other countries like Iceland have politicians who can act in such a way. We don’t . Faced with the guarantee, an obvious disaster of a policy, SF could not go against the herd, they could not thrust their own analysis.

While Burton could see through the blather, Gilmore and Rabitte seemed to sideline her to go along with the herd. In this you can see why the absurd Stalinism of the Workers Party attracted these two. One could be trendily anti-establishment while never having to think for oneself. It seems psychology trumps the politics of right and left.

In a SPIEGEL ONLINE interview, Jörg Asmussen, the German member of the European Central Bank’s executive board, predicts that interest rates will rise again, argues that the threat of inflation is lower than many believe and says the EU would be stronger if Britain remained a member.

Germany was given 90+ years to make its WW1 war reparations – about $20bn and various interest and capital easings were allowed throughout that extended period – not sure what the deal was at the end of WW2.
Our financial ‘tsunami’ can be compared with the German situation,minus the destruction reeked by the war – the least we can expect are similar considerations – or else we should pull the pin on the whole Euro Project……